The owner of a large car dealership believes that the financial crisis decreased the number of customers
Question:
The owner of a large car dealership believes that the financial crisis decreased the number of customers visiting her dealership. The dealership has historically had 800 customers per day. The owner takes a sample of 100 days and finds the average number of customers visiting the dealership per day was 750. Assume that the population standard deviation is 350.
a. Specify the population parameter to be tested.
b. In order to determine whether there has been a decrease in the average number of customers visiting the dealership daily, the appropriate hypotheses are _________
c. Calculate the value of the test statistic d. What is the p-value? At the 5% significance level, what is your conclusion? SHOW WORK
Managerial Economics
ISBN: 978-0133020267
7th edition
Authors: Paul Keat, Philip K Young, Steve Erfle